MVNO Acquisitions

List of MVNO acquisitions

This overview lists some of the key MVNO acquisitions from 2003 till today

This overview, lists some of the key MVNO acquisitions from 2003 till today, with acquisition price, subscriber base and acquisition prices per subscriber – to provide a quick insight into market trends and MVNO valuations.

Mobile virtual network operators (MVNO) has always been an attractive acquisition target, especially for traditional mobile operators who have acquired MVNOs to expand their reach and subscriber base.

Additionally, mobile network operators (MNO) entrants like Dish Wireless in the U.S and MásMóvil in Spain have emerged through strategic MVNO acquisitions, shaking up the market dynamics.

MVNOs will continue to be highly attractive acquisition targets, as the competition shifts from being predominantly network based – where the traditional MNOs compete on differences in network quality and coverage – to services based, where competition depend on the ability and flexibility to match service, price and features with specific consumer needs and wants.

Price per MVNO Subscriber - A Valuation Lens

Analyzing price per subscriber trends remain crucial in understanding the evolving market dynamics and the value proposition of different MVNOs.

The acquisition prices per MVNO subscriber provides valuable insights into the market’s perception of different MVNOs and their subscriber value. Higher prices per subscriber indicate a premium placed on factors like the MVNO’s brand recognition, customer base demographics, or unique offerings.

The table below provides a general snapshot and does not encompass all MVNO acquisitions during the period.

The price per subscriber metric should be considered alongside other factors like acquisition size, target market, prepaid/postpaid or enterprise-focused offerings, as well as network agreements for a comprehensive understanding.

By way of example, MVNOs catering to specific niche segments, such as seniors or low-income communities, often attracts a higher price tag due to their unique value propositions.

Acquisition trends and price points also exhibit regional variations. Developed MVNO markets like the US and Europe tend to see higher valuations compared to emerging markets.

In addition, it is worth remembering that being acquired by a mobile network operator is far from the only indication of a MVNO’s success. There are plenty of MVNOs enjoying their success without even thinking about being acquired.

Over the last decade MVNOs have been launched to provide services to a company’s existing customer base in order to cross-sell their core business i.e., retailers such as Tesco Mobile and Bait (Walmart Mexico). Likewise a large range of football clubs have launched community/fan based MVNOs tightly integrated with the brand value of the club.

Table: Various MVNO Acquisitions from 2003 till today

Germany2003Carphone WarehouseHutchison540K€52M€96
UK2006NTLVirgin UK3.3M€1.06bn€318
Germany2007Vodafone AGAllmobility404K€25M€62
Denmark2009Telenor DenmarkBibob69K€12.5M€181
France2014NumericableVirgin Mobile1.7M€325M€191
Spain2018MásMóvilLebara Spain423K€55M€130
US2018Best BuyGreatCall900K€739M€821
US2018Tucows/TingTPO Mobile9K€646K€72
US2020GTCRConsumer Cellular4M€2.12bn€530
France2020BouyguesEIT (5 MVNOs)2M€530M€265
Belgium2020ProximusMobile Vikings / Jim Mobile335K€130M€388
Australia2022SwoopMoose Mobile94K€15.1M€161
Korea2022Viva Republica (Toss)Merchant KoreaN/A€217MN/A
UK2023TP Global OperationsTruphoneN/A€1.4 (£1)N/A
Middle east2023Beyond oneVirgin Mobile (VMMEA)3.5MN/AN/A
US2023T-MobileMint Mobile, Ultra Mobile, Plum (MVNA)N/A€1.23bnN/A

The subscriber value for the listed MVNOs acquired during the period 2003-2023, ranged between €40 and €830 with an average value of €235 per subscriber


The T-Mobile’s acquisition of Mint Mobile is not part of the average calculation on price/per sub for two reasons.

  1. There is no confirmed information about the amount of subscribers.
  2. The deal also involves Ultra Mobile and the MVNA Plum. Hence the price tag is not only for Mint Mobile and its subscribers.

Other MVNO Acquisitions

There are plenty of MVNO acquisitions, almost on a bimonthly basis. Below is a short list of other MVNO acquisitions that did not make the table above, as these deals haven’t disclosed the deal price or subscribers.

  • Gen Mobile acquired by Dish Network
  • H2O Wireless acquired by Telrite
  • FreedomPop acquired by Red Pocket
  • Virgin Mobile Latam acquired by Beyond ONE
  • AirVoice acquired by HTH Communications
  • Numobile (Australia) acquired by Alchemy Global Solutions
  • Release Mobil customer base acquired by ICE
  • Vipps Mobil customer base acquired by ICE
  • Republic Wireless acquired by DISH
  • Digital Republic AG acquired by Mobilezone
  • Gorilla Networks (Singapore) acquired by Society Pass
  • MyRepublic New Zealand customer base acquired by 2degrees


In addition to the above, it is also worth mentioning some of the acquisitions in the IoT-MVNO and platform subcategories.

  • Caburn Telecom acquired by CSL,
  • Cinco acquired by Emnify,
  • Netmore acquired by
  • NextM2M A/S acquired by Velos IoT,
  • Sierra Wireless acquired by Semtech,
  • SIMON IoT acquired by KORE,
  • Top Connect acquired by Velos IoT,
  • Twilio IoT acquired by KORE,
  • IoThink Solutions acquired by Wireless Logic,
  • Mobius Networks acquired by Wireless Logic,
  • Jola acquired by Wireless Logic,
  • Arkessa acquired by Wireless Logic,
  • Blue Wireless acquired by Wireless Logic,
  • Webbing, acquired by Wireless Logic


Author: Allan Rasmussen
Managing director at Yozzo. Allan is a MVNA/MVNE/MVNO specialist with hands-on experience from more than 60 projects in both competitive and greenfield markets. His expertise includes business case development, execution, launch and growth strategies. Advisor and consultant to mobile network operators, MVNA, MVNE, MVNO, National Regulatory Authorities, Government Agencies, Broadcast Companies, TMT Industry Associations, Innovation and Investment Banks.

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